However, as per the US electoral system only electoral votes matter, giving Obama another term as the President of world’s most powerful nation. As per the latest results, Obama has secured 303 electoral votes as against 206 by Romney. Obama’s lead in the popular vote count was 50.3 per cent while that of Romney was 48.1 per cent, as per a BBC report.
Romeny has conceded defeat. He called up President Obama and congratulated him for the victory. He then addressed his supporters and said, “I believe in America, I believe in the people of America. This election is over but our principles endure…I pray for him (Obama) and America.”
As celebrations broke out across the country, a victorious Obama tweeted: "Four more years."
"We're all in this together. That's how we campaigned, and that's who we are. Thank you," said another tweet from Obama, the 51-year-old son of a Kenyan father and a white American mother.
Four years ago, Obama was elected as the US' first African-American President and he has now become the third consecutive President to retain office after George Bush and Bill Clinton.
The battle was close by all standards but Obama maintained a slender lead right from the beginning and built up on it by winning important swing states of Ohio, Virginia, Michigan and Pennsylvania. Obama also won Wisconsin, North Carolina, Iowa, Oregon and New Mexico, Massachusetts, New Jersey, New York, Connecticut, Maine, Maryland, Illinois, Rhode Island, Vermont, New Hampshire, Minnesota and Washington DC.
Although the results from Florida are yet to come in but given the huge lead Obama has over Republican Romney, the incumbent President will continue doing the most powerful job in the world. In Florida, Obama and Romney are engaged in a neck-to-neck fight with the difference between the two being as little as 1.5 to 2 percent in Obama’s favour.
Challenger Mitt Romney gave him a tough fight after he wrested Indiana but that may not be enough. He made inroads and won Kentucky, Oklahoma, South Carolina, Alabama, Georgia, Wyoming Indiana, Kansas, Louisiana, Mississippi, Montana, Nebraska, North Dakota, South Dakota, Tennessee, Arkansas, Texas, Utah and West Virginia.
At least 120 million people voted to decide between the Democratic incumbent and Romney after a long, expensive and bitter presidential campaign centered around how to repair the ailing US economy.
Obama has a tough job at hand, the most important being to bring the economy back on track. He has pledged to raise taxes on the wealthy if he were to be re-elected; it remains to be seen whether he will walk the talk.
Democrats closed in on keeping their majority in the Senate, swiping Republican-held Senate seats in Indiana and Massachusetts on Tuesday and keeping a once vulnerable seat in Missouri. Democrats currently control the House by 242-193.